Leads bank

The trend of foreign financial institutions withdrawing capital from their Vietnamese joint ventures has raised questions about the country’s state of financial stability, but experts claim the situation is no cause for alarm. Since early to mid 2017, well known international institutions such as France’s BNP Paribas, Hong Kong’s HSBC and Australia’s Commonwealth Bank have attracted media attention as they took turns withdrawing money from their Vietnamese partners. The trend continued with ANZ’s sale of their retail sector in Viet Nam to Shinhan Bank’s Vietnamese branch in December 2017. US Standard Chartered Bank sold its entire 8.75 per cent stake in a joint venture with Asia Commercial Bank (ACB) in January 2018. The main reason for a number of international banks’ narrowed operations in Viet Nam, according to some experts, is an inevitable change in their business strategy. These banks consider maintaining previous investments less … [Read more...] about Foreign banks’ withdrawal no cause for concern

Prime Minister Nguyen Xuan Phuc attaches the Labour Order (first class) onto the flag of Agribank (Photo: VNA) Hanoi (VNA) – Prime Minister Nguyen Xuan Phuc on March 26 asked the Vietnam Bank for Agriculture and Rural Development (Agribank) to strive to become one of the leading commercial banks in the region. He made the request while attending a ceremony in Hanoi marking the 30th founding anniversary (March 26, 1988) of Agribank, the only commercial bank whose charter capital is completely owned by the State. Agribank now owns nearly 2,300 branches and transaction offices with almost 40,000 employees. It is also the only commercial bank to be present in nine island districts nationwide. The bank is the partner of more than 30,000 businesses and millions of farmer households. It has also sent over 600 mobile banking vans to all corners of the country to bring bank credits to rural residents. Agribank reported that it spends about 400 million – 500 billion VND … [Read more...] about Agribank asked to become leading bank in region

VP Bank expects to receive a large profit from its financial company FE Credit in 2018. (Photo: VP Bank) Hanoi (VNA) - Commercial banks are expecting the revenue from fees and retail banking services to become their main income sources this year, as a result of rising market demands. According to Nguyen Duc Vinh, general director of VP Bank, after years of investing in the financial company FE Credit, his bank is expecting to receive a large profit from the company in 2018. FE Credit started to gain profits from the retail banking segment in 2016, and the profit improved continuously last year. VP Bank’s financial reports showed that the bank’s profits last year hit a record high of more than 6.43 trillion VND (283.25 million USD), of which FE Credit made up some 51 percent. Vietcombank also expects to better exploit the potential retail banking segment this year, as it … [Read more...] about Fees, retail services to be banks’ main income

Viet Nam News HÀ NỘI - Credit rating agency Moody's has said that the Bank for Foreign Trade of Việt Nam (Vietcombank) is the bank with the best asset quality in Việt Nam. Moody's said Vietcombank has improved its profitability thanks to the net interest margin (NIM) and the diversification trend in non-interest income. The agency maintained the results of Vietcombank's credit ratings as in its July 2016 review. The key aspects retained include local and foreign currency issuer ratings of B1, long-term local currency deposit ratings of B1, long-term foreign currency deposit ratings of B2, risk basis assessment of B2 and a stable outlook. Moody's, however, pointed out that Vietcombank faces the challenge of increasing its capital for growth. The bank's credit ratings could increase if it successfully implements the plan to increase its charter capital. Vietcombank is one of the leading banks in Việt Nam with high asset quality and business effectiveness. It has been upgrading and … [Read more...] about Vietcombank has best asset quality among banks: Moody’s

This is the third consecutive year Credit Suisse has received the Best Foreign Investment Bank in Vietnam accolade from The Asset, a leading industry business publication in Asia Pacific. This marks a continuation of the excellent track record the bank has in Vietnam and across Southeast Asia. Le Hoai Anh, Vietnam Country Head, said: “As a bank that has demonstrated a consistent commitment to Vietnam, we are delighted that this has been recognised. Today’s announcement reflects the excellent reputation we have maintained in Vietnam as a leading bank in this promising market.” Credit Suisse was the first investment bank to start covering Vietnam in 2001 and it has the most comprehensive Vietnam coverage team among its international peers. Since the start of its coverage, the bank has raised over US$6 billion of capital for the Vietnamese Government, domestic and foreign enterprises with Vietnamese assets. In the period under review, Credit Suisse executed a broad … [Read more...] about Credit Suisse named Best Foreign Investment Bank in Vietnam – Banking & Finance – Economy